The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1887-05-18
THE CHICAGO MARKETS.
Wheat Rules Very Strong-COrn Weak and
Lower-Provisions Dali.

Wheat Rules Very Strong-Corn Weak and
Lower-ProvisiOns Dali.
Special to the Sentinel.
CHICAGO, May 18.-The wheat market on
Change to-day rules very strong. The
clique, in a quiet way, has done considera-
bic buying, but they have done nothing to
encourage an advance. The tap" was out
early that Kershaw g. Co. had orders not to
allow the June option to go below sec.
That was enough. Tue crowd had oversold
around $50, and traders who had put out
lines in the hope that the clique would not
stand under the market forever at once be-
gan to cover. Kershaw & Co. bought June
and cash wheat. while Rosenfeld 6C Co.,
another clique house, give most of their at
tention to distant futures, especially Au-
gust. Outsiders and the general
trade believe in wheat ION its
merits" At no time within many
years has the cash grain gone into
consumptive channels with less friction
or with more healthful activity: The ex-
port demand is enormous, and a large pro-
portion of the grain shipped goes to the
continent. The Britons are fairly amazed
at this continental inquiry, as they have
been working on the theory that Italy and
France had purchased sufficient for their
requirements before the duty on wheat
went into effect. At New York there has
been constant increase in the number of
boat-loads marked for export, and as high
as 9S cents is being paid for No. red
winter. Clearances are little disappoint-
ing, but the arrival of large number of
steamers at New York has made ocean
rates easy, and II is figured that 1000, 900
bushels of wheat will be moved out of
there this week, against 600, 600 bushels
last week. From Chicago the grain is
moving freely eastward, and local stocks
will be reduced fully 500, 900 bushels this
week. Most of the wheat will stop in
New York only long enough TO pay tolls
being destined for direct shipment abroad.
Armour has been offering some large lots
Of Milwaukee spring wheat, which is in
poor repute here, and this hurts somewhat
the sale of our good grain. A great deal
of wheat was reckoned in last weeks visi-
bic supply which was in reality already
tout of sight" and this weeks shrinkage
is likely to be very heavy.
After all, however, the bears are more
anxious over weather conditions than over
anything else. The fact that stocks in sight
are 5, 000,0 900 bushels larger than year ago
and prices 10 cents higher consoles them for
the present good cash demand, but IL the
drought continues the clique NAV be able
to pay 100000 carrying charges and
still win out" From the spring
and winter wheat country reports are
I6CclN6u Ludl the crop Is likely 70
suffer extensive damage, and Kansas ad-
vices say that the chinch bug has appeared
In that suffering Commonwealth. Some
crop experts maintain that the in ury has
already been done, and that the plant has
been deprived of the moisture so necessary
to its development and yield. The burden
of testimony, however, is that the damage
is still prospective, and that general rains
within the next fortnight would fix the
growing grain all right. Still, every day of
dry weather adds to the confidence OF
heavy holders, and makes the Shorts
more anxious. 1t is said that certain Gin
clnnatl publications are about TO spring a
lot of crop and care statistics on the trade,
but as Cincinnati is the home of the clique,
this does not count.
Corn rules weak and lower on free offer.
ings of ''long' lines. The annual scare
stories of corn arriving in Buffalo ''lot'
have also been circulated. They are usu'
ally untrue, and probably are this time
Stocks, however, are large and carrying
charges heavy.
Provisions are dull and heavy owing to
large receipts of hogs, an increase in the
s1nMer packing and the dizziness of cash
Product.